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    688   HK0688002218

CHINA OVERSEAS LAND & INVESTMENT LIMITED

(688)
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Chinese developers to suffer little from yuan devaluation - S&P

08/14/2015 | 12:14am EST

HONG KONG (Reuters) - Standard & Poor's said on Friday the magnitude of yuan devaluation is not significant enough to cause a deterioration in the credit profile of Chinese property developers, as it expects the currency to depreciate only by a low single digit.

China's central bank devalued the yuan <CNY=CFXS> in a surprise move on Tuesday, driving the currency to a 4-year low and raising concerns over a spike in financing costs for developers with high overseas debt ratios. The Chinese currency has lost some 3.1 percent since Tuesday.

Analysts said around 40 percent of developers' total debts were denominated in U.S. or Hong Kong dollars as of the end of 2014, with China Overseas Land & Investment (>> China Overseas Land & Investment Ltd.) and China Resources Land's (>> China Resources Land Limited) ratios at more than 70 percent.

"Debt servicing will be more costly, but developers will not really suffer that much. Those with higher offshore debt exposure are also the stronger players in the sector and they have enough buffer, so there won't be a big impact on their credit profile," S&P's corporate ratings senior director Christopher Yip told a telephone conference.

Yip said increasing issuance in the onshore corporate bond market will help to alleviate some pressure on funding costs.

S&P on Friday raised its forecast on China's property sales growth to 5 to 10 percent on expectations the sector will continue to recover, supported by stimulus policies.

The rating agency also revised up growth expectations on home average selling prices to flat to 5 percent in the next six to 12 months, on improved home buyer confidence. The forecast on both sales and prices were both down 5 percent to flat previously.

(Reporting by Clare Jim; Editing by Jacqueline Wong)


© Reuters 2015
Stocks mentioned in the article
ChangeLast1st jan.
CANADIAN DOLLAR / CHINESE YUAN RENMINBI (CAD/CNY) -0.09% 4.9633 Delayed Quote.-2.88%
CHINA OVERSEAS LAND & INVESTMENT LIMITED 0.32% 18.7 End-of-day quote.10.91%
CHINA RESOURCES LAND LIMITED 0.15% 33.45 End-of-day quote.4.53%
EURO / CHINESE YUAN RENMINBI (EUR/CNY) 0.06% 7.2132 Delayed Quote.-9.59%
LAND CO., LTD. 0.00% 11 End-of-day quote.37.50%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) 0.00% 6.3758 Delayed Quote.-2.42%
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Analyst Recommendations on CHINA OVERSEAS LAND & INVESTMENT LIMITED
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Financials
Sales 2021 264 B 33 860 M 33 860 M
Net income 2021 52 246 M 6 704 M 6 704 M
Net Debt 2021 107 B 13 752 M 13 752 M
P/E ratio 2021 3,94x
Yield 2021 7,43%
Capitalization 205 B 26 258 M 26 260 M
EV / Sales 2021 1,18x
EV / Sales 2022 0,86x
Nbr of Employees 5 916
Free-Float 33,9%
Chart CHINA OVERSEAS LAND & INVESTMENT LIMITED
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China Overseas Land & Investment Limited Technical Analysis Chart | 688 | HK0688002218 | MarketScreener
Technical analysis trends CHINA OVERSEAS LAND & INVESTMENT LIMITED
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 23
Last Close Price 18,70 HKD
Average target price 26,62 HKD
Spread / Average Target 42,3%
EPS Revisions
Managers and Directors
Zhi Chao Zhang Chief Executive Officer & Executive Director
Sai Kit Lui Chief Financial Officer
Jian Guo Yan Chairman
Liang Luo Vice Chairman, COO, Chief Architect & EVP
Lai Tai Fan Hsu Independent Non-Executive Director